| |
Nine Months Ended |
| |
September 30, |
| |
2019 |
2018 |
| Cash flows from operating activities: |
|
|
| Net income attributable to Ebix, Inc. |
$75,070 |
$84,630 |
| Net (loss) income attributable to noncontrolling interest |
(6,617) |
178 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Amortization and depreciation |
10,966 |
7,864 |
| Benefit for deferred taxes |
(5,880) |
(3,077) |
| Share based compensation |
2,451 |
2,240 |
| Provision for doubtful accounts |
10,580 |
2,622 |
| Amortization of right-of-use assets |
5,167 |
— |
| Unrealized foreign exchange loss |
321 |
1,337 |
| Amortization of capitalized software development costs |
1,931 |
1,608 |
| Reduction of acquisition accruals |
(17,124) |
(645) |
| Changes in assets and liabilities, net of effects from acquisitions: |
|
|
| Accounts receivable |
(6,403) |
(12,518) |
| Other assets |
(5,947) |
(655) |
| Accounts payable and accrued expenses |
(4,529) |
6,811 |
| Accrued payroll and related benefits |
(607) |
322 |
| Contract liabilities |
(9,126) |
(10,772) |
| Lease liabilities |
(5,056) |
(458) |
| Reserve for potential uncertain income tax return positions |
— |
88 |
| Other liabilities |
33,844 |
(5,410) |
| Net cash provided by operating activities |
79,041 |
74,165 |
| |
|
|
| Cash flows from investing activities: |
|
|
| Acquisition of Transcorp |
— |
(6,554) |
| Cash (paid to) received from Paul Merchants for 10% stake in MTSS combined business |
(4,925) |
4,996 |
| Acquisition of Weizmann, net of $11.3 million cash acquired |
(77,350) |
— |
| Acquisition of Pearl |
(3,372) |
— |
| Acquisition of Lawson |
(2,726) |
— |
| Acquisition of Miles |
(982) |
— |
| Acquisition of Business Travels |
(689) |
— |
| Cash paid for acquisition of AHA taxis, net of $25 thousand cash acquired |
(214) |
— |
| Cash paid for acquisition of Zillious, net of $279 thousand cash acquired |
(9,816) |
— |
| Cash paid for acquisition of Essel Forex |
(7,935) |
— |
| Cash paid for acquisition of Wallstreet Canada, net of $1.17 million cash acquired |
(942) |
— |
| Cash paid for acquisition of Centrum, net of $13.4 million cash acquired |
— |
(176,137) |
| Cash paid for acquisition of Smartclass, net of $982 thousand cash acquired |
— |
(7,593) |
| Cash paid for acquisition of Indus, net of $1.3 million of cash acquired |
— |
(24,261) |
| Cash paid for acquisition of Mercury, net of $1.1 million of cash acquired |
— |
(11,356) |
| Cash paid for acquisition of Miles, net of $606 thousand cash acquired |
— |
601 |
| Cash paid for acquisition of Leisure, net of $269 thousand cash acquired |
— |
(1,304) |
| Additional Investment in ItzCash |
— |
(3,831) |
| Capitalized software development costs paid |
(4,126) |
(3,574) |
| Maturities of marketable securities |
25,686 |
4,444 |
| Capital expenditures |
(5,869) |
(5,840) |
| Net cash used in investing activities |
(93,260) |
(230,409) |
| |
|
|
| Cash flows from financing activities: |
|
|
| Proceeds from revolving line of credit, net |
13,500 |
125,165 |
| Proceeds from term loan |
— |
124,250 |
| Principal payments of term loan obligation |
(11,298) |
(6,250) |
| Repurchases of common stock |
(12,952) |
(2,226) |
| Proceeds from the exercise of stock options |
— |
42 |
| Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested |
(36) |
(147) |
| Dividend payments |
(6,898) |
(7,106) |
| Other |
6,023 |
— |
| Principal payments of debt obligations |
(962) |
— |
| Proceeds from working capital facility, net |
18,900 |
609 |
| Payments of financing lease obligations |
(200) |
(6) |
| Net cash provided by financing activities |
6,077 |
234,331 |
| Effect of foreign exchange rates on cash |
(2,397) |
(11,444) |
| Net change in cash and cash equivalents, and restricted cash |
(10,539) |
66,643 |
| Cash and cash equivalents, and restricted cash at the beginning of the period |
159,589 |
70,867 |
| Cash and cash equivalents, and restricted cash at the end of the period |
$149,050 |
$137,510 |
| Supplemental disclosures of cash flow information: |
|
|
| Interest paid |
$31,787 |
$16,865 |
| Income taxes paid |
$7,406 |
$9,320 |
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